When Duvvuri Subbarao was given the job as head of India’s central bank, the prime minister offered him advice. He told him simply not to lose touch with reality.

“You have been long a civil servant, but when you get to the Reserve Bank of India there will be a tendency to lose touch with reality. So just remember: whatever you do, always think of the impact it will have on the real economy,” Manmohan Singh told him.